The fracking boom has unlocked massive new reserves of American natural gas, which to this point have largely been consumed domestically. But as the U.S. builds out its LNG export infrastructure, Europe is readying import terminals in an attempt to loosen Gazprom’s grip on the continent.
Oil prices just hit a ninth month low, in large part thanks to new supplies of North American crude. Shale both threatens Russia’s economy and blunts one of its biggest geopolitical weapons.
Thanks to fracking, the U.S. is dominating the refined petroleum products market. A new IEA report predicts that the rest of the world will jump on the shale bandwagon by the end of the decade, but America has built up an impressive head start.
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